What are Closing Costs?

Certain standard costs are related to closing the sale of a house. Buyers and sellers usually split these costs, as specified in the sales contract.

As the list below indicates, many of the closing costs result from getting your mortgage. Since Bob Rutledge Mortgage has extensive experience with mortgages and closings, we are closing cost experts.

The Loan Estimate (LE)

Buyers get a "Loan Estimate" of closing costs at the time the loan application is submitted to the lender. We base this cost estimate on our many years of past experience. It's important to note that while our LEs are very precise, we can't always predict your costs to the penny. We explain LEs with buyers every day, so we'd be glad to answer your questions about closing costs.

Below you'll find a general list of costs for buying residential real estate. We will always provide you with a specific list of your closing costs when we deliver your Loan Estimate.

Standard Closing Costs

Loan-Related Costs
  • Loan Origination Fee
  • Points — A fee paid to lower your mortgage interest rate (optional)
  • Appraisal Costs
  • Obtaining Your Credit Report
  • Up-front Interest Payment
  • Escrow Fees
  • Various Taxes
Property Taxes
  • Insurance
  • Transfer Taxes and Recording Fees
Homeowners Insurance
  • Private Mortgage Insurance (PMI)
  • Title Insurance
  • Flood or Quake Insurance if applicable

Bob Rutledge Mortgage can help you understand closing costs. Give us a call at 3149139678.

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